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Opec Cuts 860,000 B/D Output, More Work Required
...ude is currently around $55.63/B, largely on a par with January’s $55.45/B and $10/B above where it stood on 29 November. Certainly, January’s cumulative cut was the largest fall since March 2014, when violence knocked off production in Iraq, Libya, Nigeria and Angola, and Saudi Arabia also cut back (ME...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Oil Markets: A Turn Away from Trade?
...wn to 1990s levels (MEES, 19 December 2014). Even with Opec cutting output in a landmark agreement at the end of 2016, it will not be enough to bring back the age of scarcity. Rather, the global oil markets look headed for tenuous balance, vulnerable as much to new supplies as new di...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Egypt Plots Upstream Revival, If It Can Find The Cash
...ll to IOCs remains a major point of contention. It ballooned to $6bn in 2014 and although it fell to $3bn at the end of 2015, it edged back up to $3.5bn in December according to official figures. A lack of forex at Egypt’s Central Bank means state oil firm EGPC has struggled to obtain the cash to pa...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Algeria’s Sonatrach Lines Up Majors For Petchems Projects
...0,000 t/y high-density polyethylene (HDPE) unit and a 410,000 t/y monoethylene glycol (MEG) unit. Talks stalled over gas prices and the gas delivery point (MEES, 19 December 2014). Sonatrach has also signed a preliminary agreement with Engineers India Ltd (EIL) for a study into rehabilitating an et...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Opec Cuts: US Shale The Early Winner
...erators were looking to $60/B before they envisaged a major uptick in activity, Exxon is now far from the only firm to project that it could grow output at $40/B. It says it is getting more bang for the buck. “In the Permian Basin… our average drilling footage per day has increased about 85% since 2014,” Mr...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Algerian Oil Output Gets Berkine Boost
...• Opec member Algeria has been struggling to maintain its oil output levels. Average crude production of 1.11mn b/d for 2016 was down 40,000 b/d on 2014 (though up a touch on 2015 - MEES, 6 January). • The country’s upstream oil projects pipeline is almost bare: the 40,000 b/d oil ph...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Kuwait Budgets For Lower Deficit In 2017-18
...99-2000, Kuwait in 2014-15 posted its first budget deficit of KD2.72bn with the start of the collapse in oil prices in mid-2014, following which the deficit began to grew in the following two years. Mr Salih notes that the projected budget deficit in 2017-18 will be covered from reserves and issues of bo...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Qatar’s Sovereign Wealth Fund Shifts Focus And Gear
...e US has been the favorable changes to tax laws for sovereign investors buying property. Furthermore, in early 2016 ‘qualified foreign pension funds’ were exempted from the Foreign Investment in Real Property Tax Act (1980). Under Shaikh ‘Abd Allah who was appointed CEO in 2014, the fund has de...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Egypt Looks To New Gas Finds To Ease Record Energy Deficit
...cut its import bill from 2015’s record $80bn to $60bn for 2016. But quite how it will reduce its import bill this year is unclear, especially considering a large proportion of the 167 LNG cargoes Cairo has signed since December 2014 (MEES, 16 October 2015), will be arriving in 2016 as authorities lo...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Iranian Volumes Re-Enter Crowded European Market
...ea of concern for firms considering conducting business with Iran, increasing the attractiveness of swap arrangements. SOUTH KOREAN SPIKE South Korean data shows that imports of Iranian crude in January were at their highest level since March 2014. The 202,000 b/d imported was considerably hi...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria Boosts Its Share In Spain’s Gas Imports In 2015
...uivalent of 151,941GWh in 2015, following an annual increase of 3.5% to 180,093GWh in 2014. Spanish gas consumption was severely hit by the post-2008 recession, causing many Spanish buyers to re-export significant volumes of LNG. The global re-export trade almost doubled to around 6mn tons between 2012 an...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
KRG Refining Down As Producers Prioritize Exports
...0,500 b/d in 2015, up slightly on 2014’s previous record of 99,700 b/d. But run rates fell to 72% for 2015 as a whole and averaged just 60% for the last four months of the year, down from an average of 80% for 2013 and 2014. The three plants’ total crude distillation capacity is 139,000 b/d split be...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Algeria’s Sonelgaz Eyes Foreign Loans To Bridge $10bn Funding Gap
...st year was slightly down on the AD600bn ($5.59bn) invested in 2014, he adds. The Algerian government plans to increase electricity and gas prices this year, Mr Boutarfa says. At risk of triggering political protests, government’s latest finance law includes plans to reduce subsidies by raising fo...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
IEA Warns Of Future Price Spike As Opec Divisions Deepen
...ALED BACK (MN B/D) *ADJUSTED TO INCLUDE INDONESIA. ...AS SUPPLY GROWTH STUTTERS Despite revising up global demand figures, the IEA still sees little prospect of crude markets balancing until 2017. The IEA says supply exceeded demand by 900,000 b/d and 2mn b/d in 2014 and 2015 re...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Middle East Refiners To Add 2.3mn B/D Capacity By 2022-IEA
...true of some Middle East refiners. Saudi Arabia started up 400,000 b/d of refineries in 2013 and 2014 and UAE started up a 417,000 b/d plant in 2015, all aimed at exports. The IEA says the pace of Middle East refining capacity expansion in the medium term will slow and also depend to a large ex...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
Iraq: Abadi’s ‘Technocrat’ Reshuffle Plan Slim On Detail
...eceding government had distributed state-controlled properties to officials to buy support. As for the technocrat government, Mr Abadi did not give details, but sufficed with explaining his rationale. He argued that given that the key challenge when he was elected in September 2014 was the collapse in se...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
SEC Seeks $3.3bn More Funding, Bringing Total To $73bn
...kuk Sadara project 2.0 2014: January SEC Sukuk Capital projects 1.2 2014: March SEC Finance Mi...
Volume: 59Issue: 08Published at Fri, 26 Feb 2016 -
East Mediterranean Gas Faces Crucial 2016
...e hands of one consortium will only lead to an increase in prices. Progress in Israel’s gas sector was paused after the country’s antitrust chief in December 2014 labeled the consortium grouping US firm Noble Energy and Israel’s Delek a monopoly. Together they operate almost all of Is...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Skint, Petroceltic Sells Egypt Blocks
...re output is in freefall: from 105mn cfd in 2013, to 95mn cfd for 2014 and just 60-65mn cfd for 2015. And of course falling prices don’t help either (on the plus side Egyptian gas prices, though not those for associated liquids, are fixed; on the downside payments have been anything but prompt – see p1...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Algeria: 3 Bcm Gas Boost From In Salah Expansion
...n expect In Salah net gains, at least for a couple of years, of around 3 bcm/year, according to MEES estimates. Drilling of the 26 planned southern field wells began in 2014. “We'll be drilling until 2018, and wells will be brought on over time, which is typical for a tight gas project su...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016